PPG To Raise Paint Prices For Car Makers In Asia In April

PPG Industries Inc. said Friday it is raising the prices it charges original equipment manufacturers, or car companies, in Asia for industrial coatings and paints effective April 1, as it struggles with a sharp rise in raw material costs. The paints maker said the Asian coatings industry "is currently experiencing a dramatic tightening of commodity supply, stemming from increased environmental regulations and controls, supplier capacity constraints, and regional availability of feedstocks." The company will communicate the price increases directly to its customers. PPG has 33 manufacturing sites across Asia, according to its website. Shares were higher premarket, but have gained just 0.02% in the last 12 months, while the S&P 500 has gained 19%.